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Articles for Financial Creditor

NBCC To Lead Completion Of Supertech's Stalled Projects, Securing Homebuyers' Rights
3 days, 6 hours ago

NBCC To Lead Completion Of Supertech's Stalled Projects, Securing Homebuyers' Rights

Live Law  

In a landmark judgment, the National Company Law Appellate Tribunal Delhi bench comprising Justice Ashok Bhushan and Barun Mitra has approved NBCC Ltd.'s proposal to complete 16 incomplete projects of Supertech Limited. In an application filed by NBCC Ltd., the Supreme Court on 01.10.2024 directed that the pendency of appeals would not hinder NCLAT's examination of NBCC's proposal for 17 …

Corporate Financial Homebuyers Corporate Debtor Proposal Tribunal Noida
IBC | Financial Creditor Can Submit Claim Even If There Is No Default Of Debt : Supreme Court
Trending News
3 days, 10 hours ago

IBC | Financial Creditor Can Submit Claim Even If There Is No Default Of Debt : Supreme Court

Live Law  

The Supreme Court has observed a default is not necessary for a debt to become a financial debt under the Insolvency and Bankruptcy Code, 2016. A bench comprising Justice Abhay S Oka and Justice Augustine George Masih held that under Section 5 of the IBC, any person to whom financial debt is owed becomes a Financial Creditor even if there …

Court Bank Appellants Person Claim Default Owed
IBC | Financial Creditor Can Submit Claim Even If There Is No Default Of Debt : Supreme Court
Trending News
3 days, 10 hours ago

IBC | Financial Creditor Can Submit Claim Even If There Is No Default Of Debt : Supreme Court

Live Law  

The Supreme Court has observed a default is not necessary for a debt to become a financial debt under the Insolvency and Bankruptcy Code, 2016. A bench comprising Justice Abhay S Oka and Justice Augustine George Masih held that under Section 5 of the IBC, any person to whom financial debt is owed becomes a Financial Creditor even if there …

Supreme Court Financial Bank Debt Appellants Person Claim
Resolution Plan Approved By CoC Binds All Stakeholders Including Dissenting Financial Creditor: NCLAT
Trending News
5 days, 8 hours ago

Resolution Plan Approved By CoC Binds All Stakeholders Including Dissenting Financial Creditor: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that the Resolution Plan which is approved in commercial wisdom of the CoC binds all stakeholders including the dissenting financial creditor. It was also argued that the Appellant being financial creditor having 6.64% voting share had no right or jurisdiction to challenge the decision of the …

Financial Resolution Bank Commercial Wisdom Resolution Plan Plan
Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT
1 week ago

Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that the pendency of proceedings before the NCLT for approval of the scheme of arrangement does not preclude the Financial Creditor to proceed with Section 7 application. That the very fact that the Corporate Debtor during pendency of Section 7 application has …

Supreme Court Corporate Corporate Debtor Bank Application Debt Tribunal
Written Agreement Not Mandatory To Prove Financial Debt If It Can Be Proved From Other Materials On Record: NCLAT
3 weeks, 3 days ago

Written Agreement Not Mandatory To Prove Financial Debt If It Can Be Proved From Other Materials On Record: NCLAT

Live Law  

The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan and Mr. Arun Baroka has affirmed that it is not necessary for financial debt to be proved by a written agreement if it can be established from other materials on record then application under section 7 can be admitted.In this case, the section 7 application of the financial creditor was …

Record Corporate Financial Application Debt Materials Agreement
Application U/S 7 Of IBC Cannot Be Admitted In Absence Of Debt And Default: NCLAT New Delhi
3 weeks, 5 days ago

Application U/S 7 Of IBC Cannot Be Admitted In Absence Of Debt And Default: NCLAT New Delhi

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that application under section 7 of the IBC cannot be admitted in absence of any debt and consequent default on the part of the corporate debtor. Payments having already been received by Thakkars of the balance amount for payment to the Investors, there was no …

Financial Corporate Debtor Application Agreement Investors Crores Mou
Guarantor Cannot Become Financial Creditor Without Making Any Payment In Discharge Of Guarantee: NCLAT
3 weeks, 5 days ago

Guarantor Cannot Become Financial Creditor Without Making Any Payment In Discharge Of Guarantee: NCLAT

Live Law  

The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that guarantor cannot become a financial creditor without paying any amount towards discharging the liability of the principal borrower for whom the guarantee was given. The IRP sent a report in which two more unsecured financial creditors, the appellants herein, were …

Corporate Financial Bank Loan Payment Nclat Irp
Directors Of Financial Creditors Not Disqualified From Filing Plea U/S 7 Of IBC Due To Sister Company's Default U/S 248 Of Companies Act: NCLAT
1 month, 1 week ago

Directors Of Financial Creditors Not Disqualified From Filing Plea U/S 7 Of IBC Due To Sister Company's Default U/S 248 Of Companies Act: NCLAT

Live Law  

The NLCAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra held that directors of the financial creditors are not disqualified from filing a petition under section 7 of the IBC merely on the ground that sister company of the financial creditors in which they were holding the same position, defaulted under section 248 of the Companies Act in …

Financial Director Disqualification Companies Act Companies Application Sachdeva
Banking Companies Not Required To Exhaust MSME Revival Option Before Filing Petition U/S 7 Of IBC: NCLT, Mumbai
1 month, 1 week ago

Banking Companies Not Required To Exhaust MSME Revival Option Before Filing Petition U/S 7 Of IBC: NCLT, Mumbai

Live Law  

The NCLT, Mumbai Bench comprising Shri Prabhat Kumar and Justice Shri V.G. She sought a declaration that being a Micro, Small, and Medium Enterprise within the meaning of Micro, Small and Medium Enterprises Development Act, 2006 and the Notification dated 29.05.2015 issued by the Central Government under Section 9 of the Act, as well as circulars and guidelines issued by …

Mumbai Supreme Court Corporate Financial Resolution Corporate Debtor Nclt
Half Yearly Digest Of IBC Cases : January To June,2024
5 months, 1 week ago

Half Yearly Digest Of IBC Cases : January To June,2024

Live Law  

Supreme Court IBC | Moratorium Under S 14 No Bar To Execute Decree Against Directors/Officers Of Corporate Debtor: Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association vs. M/S. : Company Appeal No.231 of 2023 The National Company Law Appellate Tribunal, New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the Corporate Debtor cannot be …

India Real Estate Justice Delhi Mumbai Supreme Court High Court
Madras High Court: MSME Corporate Debtor Can't Misuse Clean Slate Theory To Withhold Information When Its Management Had A Duty To Disclose
6 months, 1 week ago

Madras High Court: MSME Corporate Debtor Can't Misuse Clean Slate Theory To Withhold Information When Its Management Had A Duty To Disclose

Live Law  

The Madras High Court bench of Justice N. Seshasayee held that an MSME Corporate Debtor cannot exploit the Clean Slate Theory by withholding information, especially when its management, which remained in control, had a duty to disclose such information. The petitioner filed the writ of certiorari and mandamus before the Madras High Court to quash the Demand Notice issued by …

Financial Court Electricity Resolution High Plan Nclt
Refundable Security Deposit Carrying Interest In Development Agreement Constitutes Financial Debt U/S 5(8) Of IBC: NCLAT New Delhi
6 months, 2 weeks ago

Refundable Security Deposit Carrying Interest In Development Agreement Constitutes Financial Debt U/S 5(8) Of IBC: NCLAT New Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising Shri Justice Ashok Bhushan and Shri Barun Mitra and Shri Arun Baroka, has held that Refundable Security Deposit carrying interest in development agreement constitutes under Section 5 of IBC since the development agreement has the effect of a commercial transaction. Further, it was also argued that the respondent has …

Security Development Financial Debt Interest Agreement Nclt
Financial Creditor Can Initiate Simultaneous Or Independent Proceedings Against Principle Borrower And Personal Guarantor: NCLT Mumbai
6 months, 2 weeks ago

Financial Creditor Can Initiate Simultaneous Or Independent Proceedings Against Principle Borrower And Personal Guarantor: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench-VI bench of K. R. Saji Kumar and Sanjiv Dutt has held that the principal debtor and the surety are jointly and severally liable to the creditor which has the right to recover its dues from either or both of them simultaneously. Observations by the NCLT: The NCLT considered the objection raised by the …

Personal Corporate Financial Insolvency Loan Nclt Proceedings
Loan Amount Acknowledged As “Long-Term Borrowings” Has Commercial Effect And Covered U/S 5(8) Of IBC: NCLT Mumbai
7 months, 1 week ago

Loan Amount Acknowledged As “Long-Term Borrowings” Has Commercial Effect And Covered U/S 5(8) Of IBC: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Ms. Lakshmi Gurung, Member & Sh. Charanjeet Singh Gulati, while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 in the case of Metamorphosis Trading LLP vs Membrane Filters Private Limited has held that the loan amount acknowledged in the books of the Corporate Debtor as “Long-term Borrowings” is …

Corporate Financial Debt Loan Tribunal Debtor Private Limited
IBC Cases Quarterly Digest : January To March 2024
8 months, 2 weeks ago

IBC Cases Quarterly Digest : January To March 2024

Live Law  

Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association V M/S. : Company Appeal No.231 of 2023 The National Company Law Appellate Tribunal, New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the Corporate Debtor cannot be absolved from its liability to discharge its Operational debt by the Insurance Company's payment to the Operational Creditor …

Law India Justice Delhi Mumbai Kolkata Supreme Court
NCLAT Delhi: CIRP U/s 7 Of IBC Can Be Initiated Against An Auction Purchaser In Proceedings Under SARFAESI Act, 2002
9 months ago

NCLAT Delhi: CIRP U/s 7 Of IBC Can Be Initiated Against An Auction Purchaser In Proceedings Under SARFAESI Act, 2002

Live Law  

The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra held that Corporate Insolvency Resolution Process can be initiated under Section 7 of Insolvency and Bankruptcy Code, 2016 against an Auction Purchaser in proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. NCLAT Verdict: The NCLAT Delhi …

Corporate Financial Sale Corporate Debtor Bank Debt Auction
Quandary Of Dissenting Financial Creditors Having Security Interest: Perhaps Supreme Court's Larger Bench To Guide Dissenting Financial Creditors
10 months, 2 weeks ago

Quandary Of Dissenting Financial Creditors Having Security Interest: Perhaps Supreme Court's Larger Bench To Guide Dissenting Financial Creditors

Live Law  

The recent judgment by a Two-Judge Bench of the Supreme Court, delivered by Justice Sanjeev Khanna and Justice S.V.N. Therefore, while the DBS Bank judgment cites relevant decisions such as Committee of Creditors of Essar Steel India Limited, Swiss Ribbons, and Vallal RCK, which emphasize the importance of respecting the commercial wisdom of the CoC, it also noted that, while …

Financial Court Resolution Value Supreme Bench Code
NCLT Mumbai: Corporate Guarantor's Date Of Default Is Independent Of Principal Borrower's Date Of Default
10 months, 3 weeks ago

NCLT Mumbai: Corporate Guarantor's Date Of Default Is Independent Of Principal Borrower's Date Of Default

Live Law  

The National Company Law Tribunal Mumbai, comprising Justice Mr. Kishore Vemulapalli and Ms. Anu Jagmohan Singh held that the date of default by the Principal Borrower is not relevant to determine the date of default by the Corporate Guarantor. NCLT Verdict: The NCLT Mumbai allowed the application and held that the date of default by the Principal Borrower is not …

Mumbai Corporate Financial Corporate Debtor Date Nclt Default
NCLT Kolkata: Filing Of Default Information With Information Utility Under Rule 20(1A) Of IBBI (UI) Regulations 2017 Is Not Mandatory
10 months, 3 weeks ago

NCLT Kolkata: Filing Of Default Information With Information Utility Under Rule 20(1A) Of IBBI (UI) Regulations 2017 Is Not Mandatory

Live Law  

The National Company Law Tribunal Kolkata comprising Smt. Bidisha Banerjee and Shri D. Arvind held that the filing of default information with Information Utility in compliance with Rule 20 of IBBI Regulations 2017 is not mandatory compliance. NCLT Verdict: The NCLT Kolkata admitted the CIRP application and held that the filing of default information with Information Utility in compliance with …

Kolkata Corporate Financial Information Insolvency Resolution Regulations
NCLT Mumbai: Financial Creditor Can't Initiate CIRP Against Successful Resolution Applicant On Default Of Payment As Per Resolution Plan
11 months, 2 weeks ago

NCLT Mumbai: Financial Creditor Can't Initiate CIRP Against Successful Resolution Applicant On Default Of Payment As Per Resolution Plan

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer and Shri Anil Raj Chellan held that the Financial Creditor cannot initiate a Corporate Insolvency Resolution Process application against the Successful Resolution Applicant on default in payment to Stakeholders/Creditors as per terms of the approved Resolution Plan under Insolvency and Bankruptcy Code, 2016. Where the corporate debtor, any …

Corporate Financial Resolution Resolution Plan Tribunal Plan Five Years
Yearly Digest Of IBC Cases: 2023
11 months, 3 weeks ago

Yearly Digest Of IBC Cases: 2023

Live Law  

Supreme Court “Inappropriate, Almost Bordering On Contempt”: SC Deprecates NCLAT Order Impeding Implementation Of SC Order Case Title: Indiabulls Housing Finance Ltd. v Iirf India Realty Xii Ltd. & Ors. 1125 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has directed the liquidation of the Corporate Debtor, M/s Ajanta …

India Justice Supreme Court Court Resolution Gratuity Chief Justice
Supreme Court Judgements On Insolvency & Bankruptcy Code In 2023
11 months, 3 weeks ago

Supreme Court Judgements On Insolvency & Bankruptcy Code In 2023

Live Law  

Sabka Vishwas Scheme: Supreme Court Grants Relief To Company Which Missed Deadline Due To IBC Moratorium The Supreme Court Bench comprising of Justices M R Shah and Justice B V Nagarathna has remarked that “No one can be expected to do the impossible” while granting relief to a company which could not avail the benefit of settlement of tax dues …

India Justice Supreme Court Corporate Court Insolvency Resolution
NCLAT Chennai: Amount Paid As Part Of Business Transfer Agreement, Not A Financial Creditor.
1 year ago

NCLAT Chennai: Amount Paid As Part Of Business Transfer Agreement, Not A Financial Creditor.

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice Rakesh Kumar Jain and Shreesha Merla has dismissed an appeal and held that claims of a Financial Creditor and members of CoC cannot be reargued once the order of NCLAT has already attained finality. Background Facts On 02/04/2011, Mahal Hotel Private Limited had entered into a Business Transfer Agreement …

Financial Corporate Debtor Respondent Hotel Nclat Member Bta